Amara Raja Energy zooms as its arm signs technical licensing agreement with GIB EnergyX Slovakia

Amara Raja Energy & Mobility is currently trading at Rs. 1617.60, up by 238.25 points or 17.27% from its previous closing of Rs. 1379.35 on the BSE.

The scrip opened at Rs. 1460.00 and has touched a high and low of Rs. 1655.20 and Rs. 1460.00 respectively. So far 262151 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1,655.20 on 25-Jun-2024 and a 52 week low of Rs. 599.00 on 26-Oct-2023.

Last one week high and low of the scrip stood at Rs. 1655.20 and Rs. 1353.90 respectively. The current market cap of the company is Rs. 25245.60 crore.

The promoters holding in the company stood at 32.86%, while Institutions and Non-Institutions held 39.80% and 27.33% respectively.

Amara Raja Energy & Mobility’s wholly owned subsidiary -- Amara Raja Advanced Cell Technologies (ARACT) has signed a technical licensing agreement with GIB EnergyX Slovakia s.r.o., a subsidiary of Gotion High-Tech Co. As part of the agreement GIB EnergyX will license Gotion’s world class LFP technology for lithium-ion cells to ARACT.

This comprehensive agreement enables Amara Raja to manufacture world class LFP cells in both cylindrical and prismatic form factors. The scope of licensing provides access to cell technology IP, support in establishing Gigafactory facilities conforming to latest generation process technologies, integration with Gotion’s global supply chain network for critical battery materials, and customer technical support for solution deployment.

The technology transfer and service support will fully complement Amara Raja’s efforts to operationalize its Gigafactory manufacturing capacities and its advanced research and innovation centre, ‘e+ Energy Labs’, that aims to lead India’s R&D capabilities in this field. Last year, Amara Raja announced an investment outlay of Rs 9,500 crore to establish the Amara Raja Giga Corridor in the state of Telangana. The company aims to keep their products competitive and contemporary through access to continuous improvements in cell performance and process efficiencies through the partnership period.

Amara Raja Energy & Mobility (ARE&M) is the flagship company of the group and is engaged in manufacturing of industrial and automotive batteries. The company was first to introduce Valve Regulated Lead Acid (VRLA) batteries with three-year warranty in industrial and automotive applications.